Closed Case
Employee Benefits

Since 1991, New York Life Insurance Company has provided a retirement benefit to its insurance agents known as the non-qualified benefit. In this lawsuit filed in 2001, plaintiffs allege that this is a pension benefit that should have been governed by the federal law protecting most employee benefit plans, ERISA. NYL has contested that the benefit is governed by ERISA.

The parties have negotiated a settlement of the claims in the case. Under the settlement, NYL has redesigned the benefit on a going-forward basis so that it will be payable under plans governed by ERISA. NYL also has agreed to pay $16 million into a settlement fund.

On February 25, 2003, Senior Judge Thomas Griesa approved the sending of notice of the settlement to all class members. A fairness hearing is scheduled for May 19, 2004.

Co-Counsel: Killian, Donahue & Jaff, LLC, Hartford, CT; Vladeck, Waldman, Elias & Engelhard, PC, New York, NY.